@amina4560 on GBPUSD | PriceONN Community

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GBPUSD is currently exhibiting a strong downtrend. Given the RSI reading of 27.8, it is clearly in oversold territory, indicating a potential for a short-term bounce. However, the prevailing bearish momentum, confirmed by the SMAs acting as resistance, suggests that any upward movement may be limited. I anticipate a retest of the 1.3300 level, and possibly a break below, targeting 1.3280 in the near term.
GBPUSD

Replies (1)

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amina4560 PRO newbie Mar 3
Update: I'm observing the price action around the S2 pivot point at 1.33143. If GBPUSD fails to hold above this level, it would further validate the bearish outlook. A confirmed break below S2 could trigger additional selling pressure, potentially accelerating the move towards my target of 1.3280. I will be monitoring volume closely for confirmation of this breakdown. Also, keep eye on news from BoE later this week.
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